tv Squawk Alley CNBC February 28, 2017 11:00am-12:01pm EST
they start to share video ad revenue with it's partners. snap needs to make sure they pay enough to draw the best content. the content section continues to grow some say it could be a stand alone app. thank you julia. good morning, 8:00 a.m. in coopertino, california. "squawk alley" is live. good tuesday morning.
welcome in this morning. we're live at the mobile world congress in barcelona. the dow is almost exactly unchanged ahead of a big night for the president tonight. laying out his plan for the budget, defense spending, reaching 3% growth, something that has not been done since before the recession. good morning. >> when you say all of that there is a real legislative log jam building here. you get a sense from the president that he is really wrestling with some of the grim realities of governing in a town that is so deeply divided. here is what he said about his spending initiatives. >> i think the money will come from a revved up economy. you look at the numbers we're doing, we're gdp of a little more than 1%. if i can get that up to 3% or
maybe more, we have a whole different ball game. it's a whole different ball game, and that's what we're looking to do. >> he also expressed frustration with the complexity of health care reform. here is what he said. >> health care is a very complex subject. if you do it, it affected nine different things, do that it is affecting 15 different things. we have a great plan. it's not congress's fault. i have only been here about four weeks. they have been working on health care for 30 years. i have only been here, what is this my fifth week? >> one of the things administration officials are telling us is that the president has been taking lessons away from the meetings he has had with ceo's at the white house over the last few weeks. a lot of the lessons will be in the speech tonight. among the things that could be
in the speech are the thoughts he had on harley davidson as a model for manufacturing in the united states. and ideas of infrastructure spending that he picked up from some of the ceos that have been here in the white house. and they mentioned pharmaceutical information from drug companies. we'll watch all of that and see which of those ideas ends up in that speech tonight. very hot competition. it is important to get each specific idea. >> we will see what makes the cut tonight. among the issues, the budget, financial regulations, tax reform, joining us this morning, former minnesota governor tim pawlenty, good morning to you. >> good morning, carl. >> you said it is a chance to move from generalities to specifics, but how much can he do that to a broad audience when the market is really searching for specifics? >> yeah, i think that is a great
point. i don't think she able to get granular tonight, but he needs to move from high level as per ration to start to present the road map that continue needs to move forward, and it is getting later than you think, it doesn't have to be done in the fifth rs0 days, if you don't have things rolling by summer there comes a lot of distractions. >> he said that growth is the cure all. 3% growth would get rid of a lot of concerns about budget deficits, do you think the hawks will be clambering for that answer? >> crowd would help on a whole bunch of fronts, but how much are you willing to bet ahead of time that it will happen at the
risk of fuelling more deficits and more debt, a big concern for conservatives as it should be. conservatives said the political holy grail includes tax reform, obama care and repeal, and we will address the debt and the deficit. if they make it worse, that will not end well for conservatives. >> governor, beyond letting -- laying out some priorities in a little more detail, do you think the president needs to show he has the capacity to build kind of a legislative ground game. famously people criticized he didn't overcome that. can he overcome this lack of a kind of on the ground presence and expertise on the legislative side. >> presidents get measured on a number of things. one main mark seer is what did get done that's transformational or epic legislatively. if you fast forward a year or
two or ten or 20, they'll say what got through congress. here he has a congress that is poised to serve up tax reform, obama care repeal, infrastructure reform, if he signs those, he could be a very, very productive president. >> he has more critical things to say today about nancy pelosi. these speeches are never about true outreach to the other side of the aisle, and we'll see how contentious things get tonight, but should there be room for that where you're inviting the democrats to compromise on whatever they might? >> i think i would look for three or four things. first i think he will take an interim victory lap on his perspective on things like i have a great supreme court nominee. we made progress on the keystone pipeline. i think he will try to express optimism for the country, and the country needs that, but that
includes graciousness, i think, to the other side, to bring them in to get to what you raised earlier, those key legislatively accomplishments. and i would look for a detailed road map to give congress signaling and direction on what the president wants to get done so they can use that as cover for moving ahead with what they need to do and they're waiting for that. >> and we know that trade is high on his own agenda. fairer trade, rewriting some of their old trade deals like nafta, now wilbur ross has been sworn in and he can get to work on that, where is the republican party here. this has been a party that has been in favor of free trade. >> the party is divided. you have a wing of free trade and people who continue to support that in an unabashed way, but this concern about trade that is unfair, that we're being taken advantage of, is
clearly risen in the republican party. there is a split. he will have a chance to put that back together by negotiating bilateral deals. the large regional deals that are on the shelf for now, but that will take a long time, they are hard to negotiate. >> finally, if he doubles down on this argument they made before, that obama care needs to get done before taxes can be under and changed, does that throw the market for a loop? >> they will have to repeal and replace balm care because they should, if it were up to me, i would say do tax reform first, get that done, obama care will continue to wobble and maybe implode on it's own weight. that would create an opportunity for them to say we have more
latitude for things to fix it. >> he talked about the dangers of working through that scenario. >> now using it, they have to have a price of leadership, saying you want to govern, now it is time to walk the walk. >> governor, we hope to check in with you once we find out what the president says tonight. good to see you, talk to you soon. >> thank you, carl. >> ahead of that, we want to check in on the markets here, the dow is trying for 13 straight record closes in a row. the longest winning streak since back in january of 1987. right now the dow is virtually unchanged. we have winners like goldman, j and j, 3m.
they have been responsible. target, the worst performer in the s&p 500. missing in the top and bottom line. comp sales and the forecast is disappointed. sales have fallen for six quarters in a row. on that note, stay tuned for an interview with brian cornell coming up at 1:00 p.m. eastern time on "power lunch." the last trading day for the month, 5% for the dow, it has been strong, only three down days in the month for the s&p. an unbelievable streak. when we come back, snap's ipo will be announced. the stock is covering record new highs and later from john fort in barcelona. the markets are keeping their cards close to the vest. down is down 1 point.
e you can s with thousands of other traders? mmm, blueberry? tap into the knowledge of other traders on thinkorswim. only at td ameritrade. if only the signs were as obvious wn you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be.
won't replace the full value of your totaled new car. the guy says you picked the wrong insurance plan. no, i picked the wrong insurance company. with liberty mutual new car replacement™, you won't have to worry about replacing your car because you'll get the full value back including depreciation. and if you have more than one liberty mutual policy, you qualify for a multi-policy discount, saving you money on your car and home coverage. call for a free quote today. liberty stands with you™. liberty mutual insurance.
guys, good to see you. do we believe this? anecdotally, we still think of them, as cramer said this morning, a place for kids to be silly. >> you know, i think we're starting to see kids engage with their parents and some grandparents on the platform. they're starting to get on and finding it fun to be silly with each other. no one thought about being silly on your phone in a long time and snap chat le snapchat lets you do that. >> that fits right into the argument that it's not about user growth, but the engagement of people you are all right in exact with. they have 160 million users using it 18 times a day. if these reports are accurate, it salespeoples well that this
could grow into something that is not just a millennial. yeah, if you remember, you had to have a .edu e-mail addresses. >> my question is about the corporate golf nant. but they that they're not telling any voting shares, how much trust, along with the cto. >> almost 90% after. they have to put virtually complete trust in him. there is a lot of things on both sides of the leger. how will be ipo do? are you long and how do you feel about it? and not just corporate fof nans, but the idea they would like to
lock ipo investors up, there is just such a deep am give lance and i know we saw something dollar with this, but i wonder if it will reflect on how wall street interacts with the company once it's out there. think at the beginning, they are sensitive to being under all of the market pressure from day one. they know the product is still only five or six years old. i think this is a baby step. can we show what we're doing to the market, will people hold long enough that as we get our feet under us, we can be traded and show real growth. jeff besos has done this for 20 years now, and i think ef vant built something to 160000 daily
users. >> josh, isn't this a bet, if you're betting on snap, that you don't even fully understand yet what the company is capable of? we talk about how people are acting silly on the platform, that's not going to get them to the scale they set for themselves. don't you think they will grow entirely new products and engage people in an effective way? >> i think that is the bet. people are watching, youtube just announced a billion hours of video viewed every day. snapchat wants to be where you go to watch continue tent and
what your friends are doing, and the way you interact. if you want to pull that over, there's a ton of room ahead. >> meanwhile, the annual shareholder meeting, we're at apple hq with details on that. items on the agenda for the shareholders today, tim cook, al gore, ratifying the important of an independent firm. the meeting is taking place as the stock as been on a recent tear. it is up about 30% in the last since months.
warren buffet just told cnbc that he doubles his take in apple, that means the ie phone maker, in an interview and buffet telling us that apple, a sticky product, and it is normally useful. while buffett bought, others booked profit. al gore, who was also an apple board, garnering $30 million. he had $230,000. when tim cook takes the stage here, you expect him to field questions on a range of issues. from trade to issues. we'll bring the headlines once they cross. >> josh, thank you very much for that. about the wall street journal reports, the iphone is going to have a curved flexible display.
it is not just record highs but it is now the top down component of the year. they are arguing that asps are going to start to move. >> yeah, it is the highest percentage in two years. they continue to show they can move iphones and move their business businesses. when you put those two things together, they're one of the highest valued companies in the world. >> josh, what is amazing here is that investor attitudes seem to change or run hot and cold more rapidly than the fundamental story does. so when everyone just discovers everything is going well, and the services business is great, but not that much is different from what you could have said a year ago here. so people are waking up to what
has been in in front of them awhile. >> i think they always fear this will be the last great phone and the next one is not as good and they won't garner the same enthusiasm. a lot more people buy phones, and the content, the app store is a $30 billion business. that shows there is so much more to the apple story than just someone to makes a couple computers and sells those on a several year basis. >> they write it says it all that the phone people are most excited about is 15 years old. >> yeah, i -- i think that is so true. in the past, people beat up on
apple a lot. around $90 people beat up on it the most, the knock was their not innovating enough. what happened was the opposite. samsung not having a phone to announce here at the show this year, people are disappointed about that. samsung never built up a content arsenal, so as we see the rebound effort from samsung and the new phone from apple it will be really interesting to watch from a place like barcelona. >> i just wonder how much is about the arsenal of cash that apple also built up. almost $250 billion which is not a new story, but what is is the repatriation they're talking about in congress.
what will happen, will they return it back, and how does is play into the full story. >> is it a one-time buy back? what do they do with the cash? how does trump play into this? interesting to see if tim cook asks that question today. >> we'll see you soon, thank you for the help today. we're watching shares of priceline beating estimates in the most recent quarter, shares at all-time highs, approaching $17.50. this was a $7 stock i think about 14 years ago, kind of remarkable. "squawk alley" back after this.
it is called game pass. it will allow users unlimited access to over 100 titled. shares now lower by 4.5%. they see it as attacked game took's core business. >> thank you, let's get back to john ford at the world congress in barcelona. give us a temperature of what you're seeing out there. >> one thing, carl, that has been particularly fascinating, the changing of the guard at the fcc is going to lead to some changes in privacy rules. there is a stark difference between how the new chairman, and the previous one, tom wheeler looks at this, i caught up with them both here. pi says if goog enand facebook can traffic information about
you -- >> as the previous fcc, there was -- i made the argument that they the ftc has applied a uniform set of rules to all players on the online space. >> what is good for google is good for the different service providers. >> we just want them to all handle data in the same way. >> wheeler completely different take on this, he sounds a little unshackled now that he doesn't have an official position any more. listen to him. >> here is the interesting thing. here is what is really surprising about those who want to remove privacy and allow networks to sell my information without my permission. on a telephone network, you cannot do it. if i make a telephone call to
verizon can't turn around and sell the fact that i was calling about reservations to paris to a hotel company in paris. quite a difference there, carl, back to you. more on the world congress in barcelona, when we come back, we'll go to the live jp morgan investor day. a live report after the break. is the stuff that matters? the stakes are so high, your finances, your future. how do you solve this? you don't. you partner with a firm that advises governments and the fortune 500, and, can deliver insight person to person, on what matters to you. morgan stanley.
and her new mobile wedding business.tte at first, getting paid was tough... until she got quickbooks. now she sends invoices, sees when they've been viewed and-ta-dah-paid twice as fast for free. visit quickbooks-dot-com. [ that's a good thing, eligible for medicare? but it doesn't cover everything. only about 80% of your part b medical expenses. the rest is up to you. so consider an aarp medicare supplement insurance plan,
insured by unitedhealthcare insurance company. like all standardized medicare supplement insurance plans, they could save you in out-of-pocket medical costs. call today to request a free decision guide. with these types of plans, you'll be able to visit any doctor or hospital that accepts medicare patients... plus, there are no networks, and virtually no referrals needed. join the millions who have already enrolled in the only medicare supplement insurance plans endorsed by aarp... and provided by unitedhealthcare insurance company, which has over 30 years of experience behind it. with all the good years ahead, look for the experience and commitment to go the distance with you. call now to request your free decision guide. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be.
good morning, here is your cnbc news update. police in germany raiding dozens of sights including a mosque. 3 people were kills and 2 on the ground injuries after a small plane crashed into two california homes on monday. the plane was en route to san jose. it set a home on fire sending thick black smoke bill lowing into the sky. more than two million voice recordings of children and parents have been leaked due to a leak by cloud pets. it also exposed data for more
than 800,000 accounts. it saccording to troy hunt. a man rescued from a massive flood in san diego this morning. he was foundling to a fence in flood waters. san diego county has seen a record breaking amount of rain in the past few days. you're up to date, that's the news update this hour. >> we are looking at cigna, halted for news pending when we get to that. we'll bring that to you. we'll count down to the close in the u.k. and across europe. >> european stocks growing higher, a similar story yesterday as they hold their central banks meeting there as well. as a whole, the address tonight will be important especially when it comes to topics like
trade and immigration. strategists say the big question is whether or not putting america first means outright protectionism. since the u.s. election, stocks are up more than 10% despite trump's administration criticizing the weaker euro. since the election, russia, stocks there have been a standout on the prospect of warmer relations between trump and president putin. but we should note that since the inauguration of president trump, russian stocks have come off of their highs down about 2%. they're also down on the month. now trump's push to increase spending lifted shares, defense and weapon makers not just in the u.s. but in europe as well. take a look at bae systems. they provided a bullish outlook this morning, also tails, a french defense electronic company says it expects profit
ability to rise on higher military global spending. on the flip side, the worst performer on the euro stock, it is seadrill. a modest abide on q-4 earnings, but they warn investors they could miss a critical deadline on restructuring plans, shares down nearly 15% in today's trade. >> thank you very much. at this hour, jp morgan holding their annual investor day. what are you hearing, wolf? >> hey, mike, yes, first we heard from cfo maryann lake who says the company is at an inflection point and that is without any deregulation to come. and this from there, it will need to go no higher. that means that medium term, it is possible to payout over 100%
of earnings as the capital level starts to come back down again from from there. we also just heard from daniel pinto who was upbeat, siting three macro headwinds. the level of fx volatility, and he says that rate rises are cue to come not just in the just, but across developed markets in the coming years. that is of course a good thing for banks and emerged marking m he was particularly positive there. particularly in asia. now at these investment days, of course, banks like to highlight the progress they made there, ceo jamie dimon made the same investment there. 27 million mobile customers,
double digit growth there. he let slip they just took their biggest ever fx trade. so pretty punchy by one trader. >> thank you for that. we mentioned cig in a a moment ago. shares of the jeweler halted a moment ago. stock is down 10% this morning following a washington post report that employee vs. alleged sexual harassment at jay and jared jewelry browns. i think kay is about a third of signet's sales. >> let's look at the brotter market, the last trading day of the month. markets still in the red mostly.
that would be a 13th straight day in the row for the dow. they posted only three losing sessions each. joining us onset, our director of operations, do you look at tonight's speech by president trump asen inflection point for what has been a tremendous and stunning march higher through the month and since the election. >> i think it could be an important turn. i think if you're figuring probabilities, the odds are probably 3-2 that we wind up with a some what negative reaction in the market. to get a positive reaction, you need the president so say just the right things. give enough hope, detail, and timing, and nen you need congress, the democrats and republicans, so sound like they might be able to work along with it and get it passed.
now either of those, if they doesn't happen, that would raise the possibility of a logical, negative reaction from the market. that's why i said the odds are probably 3-2. >> if you look at what has been supporting it, it has been defensive sectors and utilities. the bond markets rally allowed stocks to churn in place here for awhile. what does that tell you going into next month? >> it starts to race questions about where we will go. playly the utilities, the high dividend players, will the fed move, we're up to a 10% call on march. we will see where we go. one other concern, as sarah pointed out, it is the last trading day of the month.
there may be a squaring up of a large pension fund and the rumor is that there might be a slightly negative spin on that. so they want to see the reaction on bonds. >> in terms of specific sectors to watch going into tonight, there are infrastructure stocks that are strong, hospitals have come back that you will get a replacement and a full repeal of obama care. >> yeah, i think that is a good call, the theoretical no brainers, the defense stocks, things like that, even if they don't give detail, logically they will benefit. i'm sure they will make a strong case that he wants to rebuild the
ie kr ironically he got some push back, and they said it is not enough. >> yeah, let's talk about volume and retail investments. you have fidelity matching on these commission discounts. we have been asking people if we're in the period here where mom and pop are waking up? >> i think it is a strong possibility. i'm not sure whether or not the cut in rates will bring people in. the market is slightly less efficient when they buy the etfs rather than the individual stocks. when you buy the etfs, you're putting everyone in that sector on the same footing and that makes the market very slightly less efficient.
>> we have seen reports that active managerin ers held their. >> it is a weird year. we're hearing the russians hacked the academy awards and that's how the wrong picture wound up. >> i heard it was an accountant on twitter. >> okay, we'll check back in with you tomorrow after the big speech tonight with the dow down six points. target this morning down 13% in the pre market. currently down about 12%. that is because of retail that was off by about 2%. muted market change, but rick, what are you watching? >> you know i'm watching all of the data we had this morning, the analogy of the fuel in the car is a good one, you may need better fuel, but you also need
weight. we'll talk about the drag on the economy after the break. and the wolf huffed and puffed... like you do sometimes, grandpa? well, when you have copd, it can be hard to breathe. it can be hard to get air out, which can make it hard to get air in. so i talked to my doctor. she said... symbicort could help you breathe better, starting within 5 minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. symbicort helps provide significant improvement of your lung function. symbicort is for copd, including chronic bronchitis and emphysema.
it should not be taken more than twice a day. symbicort contains formoterol. medicines like formoterol increase the risk of death from asthma problems. symbicort may increase your risk of lung infections, osteoporosis, and some eye problems. you should tell your doctor if you have a heart condition or high blood pressure before taking it. symbicort could mean a day with better breathing. watch out, piggies! (child giggles) symbicort. breathe better starting within 5 minutes. get symbicort free for up to one year. visit saveonsymbicort.com today to learn more.
>> scott, thank you very much, let's get down to the cme group with rick santelli and the s santelli exchange. on the other hand, we had richmond fed. con super credit since the july of 2001. we could go back and look at similar traits. i know that we are splilting basis points, but we're higher in the day. one of three things is going on. the marks are moving something that is not necessarily data. i understand that. it is a twofold equation, like i said in the tease. animal spirits can end this economic coma that we have been
in, and i think the fed truly under estimates it. when they were pouring big qe into the marketplace and the races were lower than they are now. something was missing and it was that fairy dust. the second thing, of course, is drag. whether or not it is an airplane or a car, taking all of the panels off of the seats, take the weight and drop it by 30% and you could do a quarter mile pretty quick. this morning, we learned that animal spirits is not enough for the market, but the drag will change soon, and it is a two-hart issue. everyone talks about tru trumpenomics. when you think about the policy, maybe we will hear some tonight,
i don't think we will hear the details, but think about the two things we say on and on, but it is twruly a big dell. and the other thing, are we going to turn into japan? one of the first comments he made is he is an island, they have no natural resources. for the last eight years, the epa and president obama had hair heart in the right spot, but it can't be all or nonwith a lot of things including energy. you could be kind to the plant, but don't turn us into an island. reversals in what we consider normal operating procedure will give us a whole lot less drag. it is amazing how much faster this car will go. one thing that i don't read in the paper every morning is all of the records with the equity markets. i don't know why, maybe you do, sarah, back to you. >> we talk about it every day.
and we -- >> of course we do. thank god. >> rick santelli, thank you. let's go out to don now for a quick market flash on pandora. >> shares down by 5%. off of the worst levels of the day so far, but coming on the heels of headlines coming out of the earnings call from liberty media. liberty media you may recall was a potential suitor of pandora. there is no wedge between us and sirius. it is not clear, saying the valuation of pandora does not make any sense, it is interesting at the right price, and then the conference call ended. that's why the shares are moving lower. >> don, thank you. still to come here on "squawk alley," we'll reveal the first ever upstart 25.
on a perfect car, then smash it into a tree. your insurance company raises your rates. maybe you should've done more research on them. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claims centers are available to assist you 24/7. call for a free quote today. liberty stands with you™.
liberty mutual insurance. i'm ricardo, a sales and service consultant here at the xfinity store in bellevue, washington. here at the store, we offer internet, tv, phone, customer service, home security. every situation is a little different. it could be about billing, simple questions like changing the phone number. sometimes, they want to upgrade, downgrade, but at the end of the day, you want to take care of the customer. one of the great things about comcast, there's always room to move up. of course, it depends on you, how hard you work. ♪ the trump administration still reportedly split on that proposed border adjustment tax. and doubts growing over support now in the senate. elon is in wag with more on the border tax. where does it stand right now, ylan? >> sara, i have been counting
out the number of lawmakers with opposition to border adjustment and the list is getting pretty long. look here. 15 in the senate. 14 in the house. 29 all together. it looks like the push for retailers is having an impact. in arkansas senator john boazman says he has questions on the impact on the dollar and another senate tom cotton, well news speak. born automakers are against this tax. bmw has a plant in southern care kirnd congressman is worried that could take the hit if border adjustment passes. the senate finance committee, very republicans about the plan as well. but this battle is not over yet. the border adjustment believers are, of course, house speaker paul ryan and kevin brady. they also have support in the white house from steve bannon and from stephen miller. manufacturers are still swinging the american made coalition has a new poll out that shows voter
support border adjustment 2-1. the president is supposed to address tax reform in his big speech tonight before congress and we will see what he has to say. back to you, carl. >> fight for the ages of than one. thank you so much. today cnbc is unveiling the firster up start 25 list. it's a ranking of up and comers that are younger than 5 years old and have raised $50 million or less. the top spot went to a california based pizza company using robots in the kitchen and of veps in the delivery truck. take a look. ♪ >> i'm julia collins. i'm the cofounder and co-ceo of zume pizza based in silicon valley. we founded this company in august of 2515. we're using technology and when i say technology, i'm talking about things like our proprietary flexible pizza
making robots, or our first in their kind baked on the way food delivery vehicles. we're creating a better, healthier product for our customers. so when we think about using automation in our business, it's really because we want to make sure that we provide better jobs and better food. we've already sold our 25,000th pizza, that's a great milestone for a little company that was just founded a little more than a year ago. we've already become the number one most popular pizza delivery service in the local area and getting ready to expand quickly across the entire bay area this year. don't be surprised if you see zume pizza in your neighborhood in the next three years.
keeping our eye on shares on signet jeweler, pending news from the company following a "washington post" report that hundreds of former employees have alleged sexual harassment and discrimination at the parent company of k and jared jewelry brands. in a statement to nbc news the company sis we have thoroughly investigated the allegations and have concluded they're not
substantiate bid the facts and certainly do not reflect our culture. the company has and have continued to have multiple processes in place no investigate allegations of misconduct. happens to fall on a day where retail at large is weak because of target, on going border adjustment discussion and more. >> signet was the authority thesis about their sales practices. over ally answer on financing. this was already on the defensive before this allegation. the news of this allegation was out there. >> you mentioned retail. that's going to be one group we are going to watch after the president speaks tonight. ylan just laid out the border adjustment tax. they had been an underperforming group since the election. we're going watch health care stocks, infrastructure stocks. financials, one of the best performing groups. but the only place that's going to be open during this speech at 9:00 p.m. is the 4x market and
the dollar will be key. the key rally we had seen post election has stalled. it's down for this year. it's up a percent for the month of february but still that whole trump pro growth better economic outlook, animal spirits that rick is talking about. you will see that on a dollar reaction. >> piece so not having the best year. >> sale on the inauguration story in history. >> back to the election on the pace so and emerging markets. let's get over to wapner and "the half." thanks so much. welcome to the "halftime report." i'm scott wapner. top trade this hour, stocks and the speech. why tonight could be the moment of truth for the trump rally. with us for the hour today joe terranova, stephanie link, josh brown, jon najarian and pete najarian from minneapolis. expectations that president trump's agenda including tax cuts and big spending on infrom structure ll